Canadian Solar (NASDAQ:CSIQ) Stock Price Down 7.1% Following Insider Selling

Canadian Solar Inc. (NASDAQ:CSIQ)’s stock price was down 7.1% during trading on Friday after an insider sold shares in the company. The company traded as low as $18.86 and last traded at $18.8140. Approximately 1,793,856 shares traded hands during mid-day trading, a decline of 40% from the average daily volume of 2,999,021 shares. The stock had previously closed at $20.26.

Specifically, Director Leslie Li Hsien Chang sold 1,767 shares of the stock in a transaction that occurred on Tuesday, May 26th. The stock was sold at an average price of $19.45, for a total transaction of $34,368.15. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website.

Analyst Ratings Changes

CSIQ has been the topic of several recent analyst reports. Roth Mkm dropped their target price on shares of Canadian Solar from $30.00 to $15.00 and set a “neutral” rating on the stock in a report on Monday, March 23rd. Freedom Capital cut shares of Canadian Solar from a “strong-buy” rating to a “hold” rating in a report on Tuesday, May 19th. Weiss Ratings reaffirmed a “sell (d+)” rating on shares of Canadian Solar in a research report on Friday, March 27th. Mizuho cut their price objective on Canadian Solar from $19.00 to $15.00 and set a “neutral” rating for the company in a research report on Monday, March 23rd. Finally, Wall Street Zen upgraded Canadian Solar from a “strong sell” rating to a “sell” rating in a research note on Saturday, May 23rd. Three equities research analysts have rated the stock with a Buy rating, six have issued a Hold rating and four have issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, Canadian Solar currently has an average rating of “Reduce” and an average price target of $18.36.

Canadian Solar Trading Down 7.2%

The business’s 50 day moving average price is $15.33 and its 200-day moving average price is $19.85. The company has a market cap of $1.28 billion, a price-to-earnings ratio of -7.46 and a beta of 1.44. The company has a debt-to-equity ratio of 0.99, a quick ratio of 0.81 and a current ratio of 1.06.

Canadian Solar (NASDAQ:CSIQ) last issued its earnings results on Friday, May 15th. The solar energy provider reported ($0.71) earnings per share for the quarter, beating the consensus estimate of ($1.06) by $0.35. The business had revenue of $1.08 billion for the quarter, compared to analyst estimates of $950.43 million. Canadian Solar had a negative net margin of 1.87% and a negative return on equity of 4.20%. The firm’s revenue was down 9.9% on a year-over-year basis. During the same period in the previous year, the business earned ($1.07) EPS. On average, research analysts forecast that Canadian Solar Inc. will post -1.16 EPS for the current year.

Institutional Investors Weigh In On Canadian Solar

Institutional investors and hedge funds have recently made changes to their positions in the company. Raymond James Financial Inc. bought a new position in Canadian Solar during the 2nd quarter valued at about $33,000. Caitong International Asset Management Co. Ltd lifted its holdings in Canadian Solar by 335.1% during the 3rd quarter. Caitong International Asset Management Co. Ltd now owns 3,198 shares of the solar energy provider’s stock worth $42,000 after buying an additional 2,463 shares in the last quarter. China Universal Asset Management Co. Ltd. bought a new stake in shares of Canadian Solar during the fourth quarter worth $48,000. Quarry LP acquired a new position in shares of Canadian Solar during the fourth quarter valued at $54,000. Finally, Zurcher Kantonalbank Zurich Cantonalbank lifted its stake in shares of Canadian Solar by 7.0% during the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 4,796 shares of the solar energy provider’s stock valued at $63,000 after acquiring an additional 312 shares during the period. Institutional investors and hedge funds own 52.36% of the company’s stock.

About Canadian Solar

Canadian Solar Inc (NASDAQ: CSIQ) is a global renewable energy company that specializes in the design, development and manufacturing of solar photovoltaic (PV) modules and system solutions. Founded in 2001 and headquartered in Guelph, Ontario, the company has grown to become one of the world’s largest solar module suppliers. Canadian Solar offers a comprehensive portfolio of products, including mono- and multi-crystalline solar cells and modules, as well as advanced energy storage and system integration solutions tailored for residential, commercial and utility-scale applications.

In addition to manufacturing solar components, Canadian Solar provides end-to-end services encompassing project development, engineering, procurement and construction (EPC), as well as operations and maintenance.